Daily Recommended Trades

Daily technical outlook − Friday 06.20.2008

Fri, Jun 20 2008, 06:32 GMT
by E-Forex Team

E-Forex


EURUSD

The Euro failed to break the resistance into the 1.5580 zone on yesterday and declined, testing bids at 1.5465. Intraday support at 1.5465 is formed by the 50% retracement of the 1.5343-1.5585 move and the bottom set by the previous 3 days lows. A potential break would accelerate a decline towards 1.5420 or into the 1.53 zone. On the upside, resistance is being tested at 1.5530-35 at the time of this report followed by 1.5575-1.5585 resistance region higher and also 1.5636 which is the 61.8% retracement of the 1.5843-1.5302 move. Despite yesterday's retreat, the upside remains favored as long as 1.5465 is intact and a new test of the 1.5575-1.5585 resistance zone is possible. Current quote is 1.5525 @06:30 GMT

Support levels: 1.5500, 1.5465, 1.5420 and 1.5350.
Resistance levels: 1.5530-35, 1.5575-85, 1.5600, 1.5636 and 1.5700
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bullish

AUDUSD

Breaking the upward channel formed on the hourly studies and climbing higher past .9500 mark suggests that positive momentum is strong. It is the 6'th consecutive bullish candle on the daily charts and the pair is a bit overbought, therefore a small correction is likely especially if it fails to break current resistance at .9525 which is the 61.8% retracement of the .9646-.9327 move. Support is seen at .9485 and .9450. Resistance follows .9525 at .9585. Current quote is .9513 @06:30 GMT

Support levels: .9485, .9450 and .9405.
Resistance levels: .9525, .9585 and .9630-50.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish

EURCHF

Recent rally of 145 points from 1.6070 brings the upside back on focus, putting pressure again on the 1.6200 resistance. Resistance levels are seen above 1.6200 at 1.6230 formed by an upward trendline through recent highs then 1.6242 and 1.6265. Support starts at 1.6150-60 backed by 1.6100 and 1.6070. A potential break of 1.6200 may play a significant role and bring the 1.6265 resistance on focus. Current quote is 1.6191 @06:30 GMT

Support levels: 1.6150-60, 1.6100 and 1.6070.
Resistance levels: 1.6200, 1.6230, 1.6265 and 1.6300.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish


 

Published on  Fri, Jun 20 2008, 06:33 GMT

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